I am on halifax SVR OF 3.99% . . . what are my options ?

DAREDEVIL78

Hi mse members , as my thread says I have a repayment mortgage with the Halifax on their svr at a rate of 3.99% and up to press I owe £61k roughly.

I was thinking of remortgaging/switching deal to another of Halifax's other products , I have noticed a product on their website for existing custom where I can lend 85-120% ltv at a fixed rate of 4.39% for 5 years.

I roughly estimate my house is valued at £70-75k but I wanted to borrow more than I owe (£61k) to pay of some debt/loan which is also with the Halifax.(£8k owing to date with 4yrs to pay @ 9.9% fixed).

I was wanting to borrow £70k to pay the loan off inc mortgage so I have more money to spare monthly, I appreciate spreading the loan over the mortgage term will probably cost more in the long run but I am struggling to maintain the mortgage separate to the loans monthly payment and I see this alternative option as a means of surviving financially by spreading these main 2 payments over time rather than struggling and possibly financially collapsing.

would my possible option make sense to other members or is there another option you could advise me on ?

thanks for taking the time to look and advise.:money:

ACG

I think anything above 90% will be to people who are already above 90% as a straight remortgage - rather than allowing you to borrow extra money.

R_P_W

You can't remortgage for more than the value of the property. You sure you read it right?

opinions4u

Halifax won't lend you more than 80% of the property value.

http://www.halifax.co.uk/mortgages/existing-customers/additional-borrowing/

They will allow customers already in negative equity to switch products.

kingstreet

The product transfer rates mentioned are for borrowers who already owe more than their property is worth. They are not there for those who think they can increase their borrowing to that level.

You need to look at further advance products and see what LTV they cease at. According to Halifax online, the maximum is 80%.

http://www.halifax.co.uk/mortgages/existing-customers/additional-borrowing/

DAREDEVIL78

thanks , I understand your posts , I didn't understand who the Halifax rates applied to , I looked under the existing customer section 85-120% ltv and I thought I could borrow my existing £61k and say £8k more and still be in equity as my house is worth around £75k or bit under.

any ideas how I could manage the mortgage and loan payments by merging them or should I treat them separately and leave them ?

should I stay on Halifax's svr @3.99% as far as my mortgage is concerned ?

ideas/advice welcomed ! thanks

kingstreet

If your property is worth £75k and your existing mortgage is £61k, there is no scope to borrow more via the mortgage route because your existing mortgage is already more than the 80% limit.

The products you mention would be available for you to transfer onto, but only for the amount you already owe. If you had a negative equity problem and already owed more than the value of the property, these products could be used to get you off the standard rate, but again there is no option to borrow more.

Decision to remain on SVR or move to something else is really your choice and based on your circumstances.